ARM Holdings plc (ADR) (ARMH)

Arm's business model is based on licensing IP. In that respect they are not subject directly to the cycles of factory owners.
Arm's reference designs have become the de facto standard in the mobile phone arena. And with many silicon manufacturers proposing 32 bit embedded solutions based on their design that are directly competing with 8 bit solutions in the embedded markets. It seems very likely that the Arm reference designs will become a de facto standard in these markets too. After all, choosing between a 32 bit chip solution with matching flash and ram capabilities at the price of 8 bit solutions offers a no brainer choice for new designs. Such solutions are being proposed everyday now by several manufacturers, and all this benefits Arm directly.